October 14, 2015

Land Sale, Financial Assistance Will Support Near North Mixed-Use Project

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City financial assistance will support the development of an 84-unit, mixed-income apartment building on the Near North Side under a plan approved today by City Council. 

The planned $39 million Clybourn Division Apartments at 1200-26 N. Clybourn Ave. will include 26 units for Chicago Housing Authority (CHA) residents, 26 units at affordable rent levels, and 32 units at market rates.  

City assistance will include $8.1 million in Tax Increment Financing (TIF) assistance, $1.3 million in Low Income Housing Tax Credits that will generate $12.9 million in equity, and $1.9 million in donations tax credit equity for the project. The .96-acre property, owned by the City and valued at $5.1 million, will also be sold to the developer for $25,000. 

The V-shaped, seven-story structure planned by Clydiv LLC will also include a daycare center, restaurant, 55 indoor parking spots, and 2,500 square feet of commercial space.  

Other funding sources will include an $8.1 million loan from the CHA and a private mortgage loan.  

 

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